[Payoneer] About the cross border fees on purchase, can be up to 3%
 

I did a transaction on Paypal on USD, and other purchase on name.com, and everytime i paid fees on these purchases, around 1.5%. So i asked to the support, and today i receive the anwser. I think could be interested to someone:

THX for info :thumbsup

It sucks...
I won't use Payoneer much then...

So basically anything outside belize is considered outside country right?

I am trying to find out how much this currency conversion fee /crossborder transaction is with paxum but they always responded with the runaround that they dont have one they are aware of :) I was referring to either paxum or their issuing bank (Choice Bank) Belize fee (even if paxum does not have a fee, the issuing bank might have).

So Paxum / Moise how much is this fee with paxum or the issuing bank ?


I am adding keywords to this thread so maybe they will get an alert and answer clear this time .

paxum paxum paxum choice bank paxum paxum belize paxum epassporte replacement paxum paxum oainternet penispills paxum paxum octavian moise paxum paxum :)

Some have flat fees and some percentages.

Why is that so odd?

This is normal if you live outside of the USA and buy in USD... I checked my statement for a recent USD transaction and I got hit with:

1) A shitty currency conversion rate (which is effectively a fee)
2) A Currency Conversion Assessment fee
3) A Cross Border Assessment fee
4) An International Transaction fee

The latter 3 fees add up to about 3.8%. :Oh crap

seems people were wholly unaware of all of epassporte's hidden fees.

With us (Paxum), as stated on the site, the atm fee is $2. As for the exchange rate it will be whatever exchange rate the atm/bank you are using has it set at. We don't not set that. Also, this was answered many times overt he last 2 weeks and is also on the site. there are no hidden fee.

I was aware,they charged me 10$ for withdraw of 500$ last time.

Funny how Epass claimed that as well yet it's wasn't true

i think the problem is not if a person live outside the USA, you can live in the USA and pay the same the cross border fees, depends where is located the transaction bank respect the issuing bank

I'm just saying what I know. I have no reason to make anything up.. I do know for a fact that there are no hidden fees.. No %'s or any crap like that.. $2 atm withdrawal fee.

Domestic ATM Withdrawal (USA) $2.00
International ATM Withdrawal $2.00

Both VISA and MasterCard have a currency conversion fee of around 1.5% - 2.0%. They do this to protect themselves from ever losing any money on any one currency conversion.

So the full currency risk is always carried by the customer. By adding a small charge, like 1.5% or 2%, they effectively make it impossible to find market imperfections and play any type of arbitrage game on their expense. This is a system which applies to ALL their cards and all their services. There is no such thing as a flat fee for currency conversion, it's always percentage based to make sure that you can not play arbitrage games with them.

I do not have Paxum, and haven't read up on their specifics, but I find it highly unlikely that they would be able to talk MaterCard into carrying the currency conversion risk, that just won't happen. Any other claims are just uneducated until proofs are rendered.

The currency conversion fee is just another way of making sure to always ding the customer for as much money as possible.

Paxum has the best fees.

When i go to signup for a card, and click terms and conditions, they say this:
Now I dunno how much all others take, but you can be sure that if they take 3% from each withdrawal, among other fees, they have no reason to shut down and run with your money. :thumbsup

I can understand that, but I've used my paxum card 3 times and never once did I see any fees other then the $2 withdrawal fee. My account is just like every other personal accounts. I have no special privileges.

Where are you located?
Where is Paxum located?
What currency is your account kept in?
What currency do you withdraw into?

Just because you do not pay any fees, does not mean that the big majority of Europeans, Russians and others don't will be struck with a nasty currency conversion fee.

That fee is not set by the bank or card issuer itself, it's something which MasterCard or VISA will assess onto the customer and each transaction to protect them from potential loopholes and price imperfections. Last year I visited more than 40 different countries, used my bank issued Mastercard in more than 30 of them. I pay this fee a lot, unfortunately. :(

You're withdrawing USD into CAD? The fees would probably be rolled into the currency conversion. If you can find the official MC rates for the day you'll probably find it's not a straight conversion.

i'm not speaking about currency conversion fee, i'm speaking about the cross border fees, are two different things. I always pay in $, so i don't do any conversion

I'm in Canada. My Paxum account is USD. I guess in my case it would be different then for Europeans, Russians etc.. I'm just stating my experience, but I'm sure that if there is a fee from Mastercard it's not that bad. Maybe someone who is overseas and has a Paxum card can tell us what, if anything, they were charged. :)

Also looks like I misunderstood.. I'm not sure what the cross border fees are, if any.

is written in the first post :winkwink:

ya, not sure how I misunderstood.. I'll read more carefully next time.

I paid at least 1.5% with epassporte on top of their $3 fee when withdrawing in a currency other than USD. The only difference with payoneer is, they are up front about it :2 cents:

i'm speaking about the cross border fees, not the currency conversion fees :pimp

with cross border fees you pay fees also if you pay in dollars

fees, fees, fees...
this payoneer is all about fees...

Just another way of making sure that the customer is always dinged for as much as he can possibly put up with. :1orglaugh

This is plain stupid. No ATM shows the exchange rates for any world currency, if they decide to take 10 USD for 1 CAD as the exchange rate you will find only after you made the transaction....:thefinger

It doesnt work like this. The question is not the Mastercard/Visa exchange rate witch is usually pretty good and it's the same for all the issuing/acquiring banks, the question is how much your issuing bank (Choice bank) charges on top of the VISA/MC exchange rate...

Payoneer is upfront, they just say that they charge 2.95% ON TOP (additional) to the official Visa/MC Rates...

The question is how much Paxum (choice bank) charges....This is not intended to be a US/CAD product so the card will be used worldwide, used to withdraw lots of type of currencies...2.95% is very high as for 1000 USD it will cost you 29.5 USD in curency fees alone + ATM withdrawal fees....witch is very high..

I never said that it showed it at the ATM.

Which is why a wire looks oh so much better! The fees adds up soon enough. Collect money in one of those online accounts, and transfer out one per month or every other month and save on fees instantly.

No, but an ATM does not in itself have a currency exchange rate. It will debit the card the amount withdrawn, and the card company, Visa or MasterCard will then do all the exchanges and conversions and add their fees. That is never done at the ATM itself.

The ATM will only record the transaction, $100 USD withdrawn. Then the rest takes place in backoffice functions. You said ~"what ever exchange the ATM is using" and the ATM does not use any exchange rate, since it will only debit in it's own "home" currency, the one currency it's giving out. Then the ATM's mother bank will settle the debt with the card company, which then in turn will settle with the customer.

I meant the bank that operates the ATM. (Assuming that it's a bank's ATM) But ok, I was wrong since that's not the case. I can admit that. I always assumed that it was the bank (assuming that the ATM that you used was owned by a bank) that set the currency exchange, but it's obvious that my assumptions were wrong. :)

The truth will probably not come out until somebody carries out test withdrawals of same amount on same day from same atm with a paxum, payoneer, cashx and a mickeymousefunclub or whatever card.

Somebody did this 3 years ago for me in Philippines with epassporte and Payoneer cards and the difference in amount debited was significant.....(can't remember exact numbers but it was enough for us to move away from Payoneer).

May be different now, and MAY be a negotiable aspect of their service as most fees seem to be......

So anyone outside the US got their paxum card yet ? So they can do a test withdrawal and share the hidden exchange fees with the board ?

Are you sure?I think i was testing once between different bank atms and i think i was getting more money on other bank.

I just withdraw 1000 HRK,and seems payoneer took 204$ for it,can someone calculate how much money exactly they took?
There was 256$ on card and now is 51.78$.Also,why i don't see in transactions atm withdraw?

Absolutely positive.
But you can still be right, because the exchange rates vary all the time.
For example I bought a McDonalds meal at Dallas airport a few weeks ago. After eating it, I wanted a cup of coffee. These two transactions, first the meal and then the coffee, both had different currency conversion rates. So it fluctuates from one moment to the other. So if you visit two or even the same ATM on the same day, but with some time in between, you will most likely see different currency conversion rates.

exactly. Epass was completely the same.

what country is HRK used in ? Initially i tough that you are speaking about HKD but it doesn't seem to be the case...

Is is so hard to use google ?HRK means HRVATSKA KUNA,a Croatian currency.

I'm lazy...

1,000.00 HRK = 189.978 USD as per Reuters terminal few mins ago.....so the rest are fees...+/- 1 USD as the currency fluctuates every few seconds

So basically they charged me 20$ on ATM withdraw,right?

around 13$...